No more conditions for RM10,000 withdrawal from EPF

(FMT) – The government has done away with conditions on withdrawals from the Employees’ Provident Fund under the i-Sinar scheme, allowing EPF members with a balance of less than RM100,000 to withdraw up to RM10,000.

However, the withdrawals will be disbursed in stages over a maximum of six months.

Finance Minister Tengku Zafrul Aziz said the decision to abolish the conditions was made on the advice of Prime Minister Muhyiddin Yassin to improve the scheme following feedback from the public.

“The removal of conditions will allow EPF members under the age of 55 to withdraw from their Account 1 funds, subject to their existing balance,” Tengku Zafrul said.

Members with more than RM100,000 in their EPF account can withdraw up to 10% of their savings in Account 1, capped at RM60,000.

The payments will also be disbursed in stages over a maximum of six months with the first payment amounting to a maximum of RM10,000

Tengku Zafrul said EPF will need some time to make the necessary changes to its computer systems for the scheme.

“Those who have applied for the i-Sinar scheme based on the existing conditions will have their applications automatically approved soon.

“Members are advised to refer to verified information from EPF through its official channels and be wary of unverified information.”

Various parties, most notably former prime minister Najib Razak has repeatedly called for the i-Sinar requirements to be abolished.